BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Shares Up 8.4% – Here’s What Happened

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) shares rose 8.4% during mid-day trading on Friday . The company traded as high as $21.41 and last traded at $21.4020. Approximately 23,128,727 shares changed hands during mid-day trading, a decline of 49% from the average daily volume of 45,421,938 shares. The stock had previously closed at $19.74.

Wall Street Analysts Forecast Growth

BMNR has been the topic of several research reports. B. Riley Financial lowered their price objective on shares of BitMine Immersion Technologies from $90.00 to $47.00 and set a “buy” rating on the stock in a report on Thursday, November 20th. Cantor Fitzgerald initiated coverage on shares of BitMine Immersion Technologies in a research report on Monday, January 5th. They set an “overweight” rating and a $39.00 target price for the company. Finally, Zacks Research raised shares of BitMine Immersion Technologies to a “hold” rating in a research report on Friday, October 17th. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, BitMine Immersion Technologies has a consensus rating of “Buy” and an average price target of $43.00.

BitMine Immersion Technologies Trading Up 5.9%

The company has a fifty day moving average price of $28.94 and a 200-day moving average price of $40.01.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last released its quarterly earnings results on Tuesday, January 13th. The company reported ($0.05) earnings per share (EPS) for the quarter. BitMine Immersion Technologies had a negative net margin of 67,546.19% and a positive return on equity of 7.89%. The business had revenue of $2.29 million for the quarter.

BitMine Immersion Technologies Announces Dividend

The company also recently disclosed an annual dividend, which was paid on Monday, December 29th. Investors of record on Monday, December 8th were given a $0.01 dividend. This represents a yield of 3.0%. The ex-dividend date of this dividend was Monday, December 8th.

Institutional Trading of BitMine Immersion Technologies

Several institutional investors and hedge funds have recently made changes to their positions in the business. CNB Bank bought a new position in BitMine Immersion Technologies in the third quarter worth approximately $26,000. Strategic Advocates LLC purchased a new stake in BitMine Immersion Technologies during the third quarter worth $27,000. Quintet Private Bank Europe S.A. purchased a new position in shares of BitMine Immersion Technologies in the 3rd quarter valued at $30,000. Guerra Advisors Inc purchased a new stake in shares of BitMine Immersion Technologies during the 3rd quarter worth $31,000. Finally, Wellington Shields Capital Management LLC bought a new stake in BitMine Immersion Technologies during the third quarter valued at about $31,000.

About BitMine Immersion Technologies

BitMine Immersion Technologies, Inc (NYSE American: BMNR) is an engineering and technology company specializing in immersion cooling solutions for digital asset mining and high-performance computing (HPC) applications. The company develops proprietary direct-to-chip systems that submerge servers in non-conductive dielectric fluids to efficiently remove heat, enabling clients to achieve higher processing density and improved energy efficiency.

BitMine offers turnkey services spanning system design, equipment supply, installation and ongoing maintenance.